Bank of Nevada Savings & Trust Company (Reno, NV)

Episode Information

Episode UID
94000671595
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
9400067 routing
Routing Number
94-0006
Start Date
November 1, 1932*
Location
Reno, Nevada (39.530, -119.814)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9ed5ddba7c66f85a

Response Measures

None

Description

Bank was part of the Wingfield group and closed under the Nevada banking holiday; later placed in receivership.

Events (6)
1. November 1, 1932 Suspension
Cause
Government Action
Cause Details
Statewide business and banking holiday (moratorium) proclaimed by Nevada authorities affecting Wingfield banks including Bank of Nevada Savings & Trust Company.
Newspaper Excerpt
By proclamation, I have just declared a business and banking holiday to and including the twelfth day of November, 1932.
Source
newspapers
2. November 1, 1932* Other
Newspaper Excerpt
The banks involved failed to open their doors after Nevada first state wide bank holiday in November, 1932.
Source
newspapers
3. December 9, 1932 Receivership
Newspaper Excerpt
Seaborn took over the affairs of the Bank of Nevada Savings & Trust company December 9, 1932, after the bank holiday was proclaimed November 1, 1932.
Source
newspapers
4. September 19, 1933 Other
Newspaper Excerpt
Bank receiver sues for $10,000 ... receiver in charge of the Bank of Nevada Savings and Trust Company of Reno.
Source
newspapers
5. October 27, 1933 Other
Newspaper Excerpt
Suit to foreclose a mortgage was filed ... by E. J. Seaborn, receiver of the Bank of Nevada Savings & Trust Company.
Source
newspapers
6. February 28, 1934 Receivership
Newspaper Excerpt
Leo F. Schmidt... was appointed receiver for seven closed state banks... Bank of Nevada Savings and Trust company.
Source
newspapers

Newspaper Articles (16)
1. November 1, 1932 Reno Gazette-Journal Reno, NV

Article Text

GROUP OF BANKS The Wingfield group of banks in Nevada, with combined deposits of about sixteen million dollars and capital of $1,975,000 include: Reno National Bank and Bank of Nevada Savings and Trust Company, with deposits of $7,600,000 and capital of $800,000; Riverside Bank of Reno, capital $50,000, deposits approximately $1,060,000; United Nevada Bank of Reno, capital $400,000, deposits approximately $1,800,000; Tonopah Banking Corporation, capital $50,000, deposits approximately $325,000; Virginia City Bank, capital $25,000, deposits approximately $200,000; Wells State Bank, capital $25,000, deposits approximately $85,000; Henderson Banking Company of Elko, capital $200,000, deposits approximately $1,650,000; Churchill County Bank of Fallon, capital $75,000, deposits approximately $750,000; Carson Valley Bank of Carson City, capital $125,000, deposits approximately $850,000; Bank of Sparks, capital $25,000, deposits approximately $730,000; Winnemucca First National Bank, capital $200,000, deposits approximately $2,000,000. LEGISLATIVE SESSION Reports were current this morning that the calling of a special session of the Nevada legislature will be discussed with Governor Balzar on his return to the state as a considerable part of the state's funds, as well as the funds of counties, school districts, municipalities and the university are on deposit in the Wingfield banks. The legislative session, however, if one is called would not be held until late this month and during the next twelve days the proposed reorganization of the Wingfield banks may be effected, it was pointed out. The terms of present members of the legislature, excepting hold-over senators expire on November 8 and if the legislature is called in special session its membership will consist of those elected next Tuesday and the hold-over senators. GRISWOLD'S STATEMENT Lieutenant Governor Griswold issued a statement in addition to the moratorium proclamation setting forth in detail his reasons for taking the action. The statement follows: "To the people of the state of Nevada: By proclamation, I have just declared a business and banking holiday to and including the twelfth day of November, 1932. My reason for so doing is the conviction that business, banks, bank depositors and the entire people of the state of Nevada will be best protected by this action. "While some of our banks are not to be considered as otherwise than sound in all particulars, those of our banking institutions which have particularly supported our agricultural interests are naturally most seriously affected by the collapse in prices of agricultural products, which occurred about three years ago. Only very slight recovery in such prices has been realized and in the meantime and before the price collapse, exceptionally adverse climatic conditions have further destroyed the ability of the livestock raisers and farmers to reduce their obligations to the banks. In fact, these banks, in the hope of carrying over to a period of better conditions, have been obliged to

2. November 21, 1932 Nevada State Journal Reno, NV

Article Text

Plan of Reopening Banks Through Creation Of Consolidated Institution Will Be Told The meeting is the forerunner of similar gatherings to be held in all communities where Wingfield banks are located. The meeting in Sparks will be followed by a gathering of bank depositors of the Henderson Banking corporation in Elko Tuesday noon and of the Wells State Bank Tuesday night. The Winnemucca meeting is likely to be held Wednesday noon. Three meetings are likely in Reno, one for the depositors of the Reno National and the Bank of Nevada Savings & Trust company, another for the United Nevada and the third for the Riverside Bank. However, the dates of the Reno meetings have not been set. In each instance depositors will be told of Nevada banking difficulties and of the way out, through the consolidated bank plan.

3. June 27, 1933 Reno Gazette-Journal Reno, NV

Article Text

WARNING TO NON-SIGNING DEPOSITORS SIGNING DEPOSITORS Those opposing the present reorganization plan for the closed Wingfield banks have steadfastly maintained that before that reorganization plan can be put into effect the non-signing depositor must be paid in CASH his pro rata of the fair value of the assets of the bank in which he is a depositor and that he cannot be forced to take stock in either the proposed new bank or mortgage company as part payment for his deposit credit. A letter recently received from the Comptroller of the Currency at Washington, D. C., supports our contentions. The letter was published in the Gazette June 6th and 7th, and in part said: "As it stands now, in event the reorganization and consolidation becomes operative, it can only be effective as against the depositors of either of the national banks to the extent that they have individually consented". . . "This department has no objection to the reorganization or consolidation if it can be carried out by voluntary agreement, but it has been our policy under all the reorganizations provided for under section 207 of the Bank Conservation Act, to not permit any reorganization which forces the depositors to accept stock in a bank, in lieu of their deposits." NON-SIGNING DEPOSITORS will receive more CASH than will the signing depositors. Your payments will not be deferred over a period of years and you will not have to take stock in the new bank and mortgage company. The letter recently received from the Comptroller of Currency, Washington, D. C., proves conclusively that you signing depositors have placed yourselves in a most unfavorable position by signing away your rights to your deposits in the closed Wingfield banks. Your relief now lies in REFUSING to sign the post card asking for a "reasonable" extension of time. If you refuse to sign the post card, you can demand that you be paid in CASH your pro rata of the fair value of the assets of the bank in which you are a depositor. If you are a depositor in the Riverside Bank (based on a $1000 deposit) you will not have to take $453.51 in stock in the new bank and mortgage company. You can demand cash in lieu thereof. If you are a depositor in the United Nevada Bank you will not have to take $353.47 in stock of the new bank and mortgage company. You can demand cash in lieu thereof. If you are a depositor in the Reno National Bank you will not have to take $177.49 in stock in the new bank and mortgage company. You can demand cash in lieu thereof. If you are a depositor in the Bank of Nevada Savings & Trust Co. you will not have to take $198.57 in stock in the new bank and mortgage company. You can demand cash in lieu thereof. REFUSE to sign the post cards. The extension calls for a "reasonable" time, but continues beyond a ninety day period mentioned unless you make a written demand at the end of the ninety day period for the return of your waiver. Read the card you are asked to sign.

4. June 27, 1933 Reno Gazette-Journal Reno, NV

Article Text

NON-SIGNING DEPOSITORS Those opposing the present reorganization plan for the closed Wingfield banks have steadfastfully maintained that before that reorganization plan can be put into effect the non-signing depositor must be paid in CASH his pro rata of the fair value of the assets of the bank in which he is a depositor and that he cannot be forced to take stock in either the proposed new bank or mortgage company as part payment for his deposit credit. A letter recently received from the Comptroller of the Currency at Washington, D. C., supports our contentions. The letter was published in the Gazette June 6th and 7th, and in part said: "As it stands now, in event the reorganization and consolidation becomes operative, it can only be effective as against the depositors of either of the national banks to the extent that they have individually consented". . . "This department has no objection to the reorganization or consolidation if it can be carried out by voluntary agreement, but it has been our policy under all the reorganizations provided for under section 207 of the Bank Conservation Act, to not permit any reorganization which forces the depositors to accept stock in a bank, in lieu of their deposits." NON-SIGNING DEPOSITORS will receive more CASH than will the signing depositors. Your payments will not be deferred over a period of years and you will not have to take stock in the new bank and mortgage company. SIGNING DEPOSITORS The letter recently received from the Comptroller of the Currency, Washington, D. C., proves conclusively that by signing depositors have placed yourselves in a most unfavorable position by giving away your rights to your deposits in the closed Wingfield banks. Your relief now lies in REFUSING to sign the post card asking for a "reasonable" extension of time. If you refuse to sign the post card, you can demand that you be paid in CASH your pro rata of the fair value of the assets of the bank in which you are a depositor. If you are a depositor in the Riverside Bank (based on a $1000 deposit) you will not have to take $453.51 in stock in the new bank and mortgage company. You can demand cash in lieu thereof. If you are a depositor in the United Nevada Bank you will not have to take $311.44 in stock of the new bank and mortgage company. You can demand cash in lieu thereof. If you are a depositor in the Reno National Bank you will not have to take $177.49 in stock in the new bank and mortgage company. You can demand cash in lieu thereof. If you are a depositor in the Bank of Nevada Savings & Trust Co. you will not have to take $198.57 in stock in the new bank and mortgage company. You can demand cash in lieu thereof. REFUSE to sign the post card. This extension calls for a "reasonable" time, but continues beyond a ninety day period mentioned unless you make a written demand at the end of the ninety day period for the return of your waiver. Read the card you are asked to sign. Remember that a signed waiver or post card is an endorsement of the Wingfield plan. It just puts off the day when certain banks in the Wingfield chain can be opened as independent banks. The reorganization scheme is doomed. No provision has been made in that scheme for paying off the non-signing depositor in cash. Read the Comptroller's letter above mentioned. If you want any banks opened at an early date REFUSE TO SIGN THE POST CARDS. INDEPENDENT DEPOSITORS COMMITTEE 244 North Virginia Street, Reno

5. September 19, 1933 Oakland Tribune Oakland, CA

Article Text

Bank Receiver Sues for $10,000 born. receiver in charge of the funct Bank of Nevada Savings and Trust Company of Reno. Nevada has filed suit here against Augusta S. Newlands, widow the James Newlands and Wells H Newlands. his for $10,000 leged due the bank from the estate of the late James Newlands

6. October 27, 1933 Reno Gazette-Journal Reno, NV

Article Text

BANK RECEIVER SUES FOR NOTE Suit to foreclose a mortgage was filed in the district court here today by E. J. Seaborn, receiver of the Bank of Nevada Savings & Trust Company, against Manuel Costa and Anthony Costa. The suit claims that Manuel Costa signed a note for $5346, payable on demand, on June 30, 1932, and that the unpaid balance and interest owing amounts to $4707.35. The note was secured by a mortgage on land located west of Reno, and Anthony Costa is also named a defendant because, it is asserted, he claims some interest in the property. The court is asked to order the property sold by the sheriff to satisfy the note, and also to allow a fee of $500 for Seaborn's attorneys, Harwood & Diskin.

7. January 27, 1934 Nevada State Journal Reno, NV

Article Text

Asks Preference The complaint asks, if the return of the savings bank's assets can not be had, that the court declare the Bank of Nevada's claim preferred and entitled to priority in payment out of the assets of the Reno National. Seaborn took over the affairs of the Bank of Nevada Savings & Trust company December 9, 1932, after the bank holiday was proclaimed November 1, 1932. According to the complaint, the Bank of Nevada had on deposit in the Reno National Bank $604,817.16 in April, 1932. At the same time the Reno National Bank owed $826,425 to the Crocker First National Bank and was indebted to the Federal Reserve Bank $133,500. The amount owed to the Federal Reserve Bank was secured. Crocker Management Sometime prior to April, 1932, the cashier and assistant cashier of the Crocker bank were invited by officers or an officer of the Reno National Bank and Bank of Nevada Savings Trust company to manage the business of the Reno National and the savings bank, the complaint asserts. The officers and directors of the Reno National and the Bank of Nevada were identical, it was stated. The Crocker bank officials directed the management of the Reno National and the savings bank from a date prior to April, 1932, to September 1, 1932, the complaint alleges.

8. January 27, 1934 The Sacramento Bee Sacramento, CA

Article Text

CHARGES FORCE NEW ACTION IS RESIGNATIONS FILED IN RENO OFPETALUMANS BANK LAWSUIT Mayor, Two Councilmen And State Superintendent Charges City Attorney Quit Illegal Transfer Of Under Attacks Securities PETALUMA (Sonoma Co.), Jan. climax charges citizens committee, Mayor liam two members of the city council and the city attorney resigned here, counmember he will resign on February Councilmen George Van Bebber and Ludwig Schluckebier, who with Mayor Farrell are accused by the citizens committee of selling merchandise through their private businesses to the city, submitted their resignations special meeting the council Councilman Chris Riewertz announced he officially give his post at the next regular ing the council protest against the action of the citizens City Attorney Louis H. Cromwell submitted his resignation. RENO (Nev.). suit seeking return of assets of one of the closed Wingfield banks was filed here late yesterday by E. Seaborn, state bank superintendent. against the Reno National Bank, its W. and the Crocker First National Bank of San Francisco. The suit demands return to the Bank of Nevada Savings and Trust Company of assets valued at $931,allegedly transferred illegally from the savings bank to the Reno National and then used by the latter as collateral for loan from the Reconstruction Finance Corporation. Preference Is Sought. A request is made in the complaint that if the assets cannot be returned that the Bank of Nevada be made preferred creditor. The directors the two banks identical, asserted that the Crocker bank officials took charge the Spring of 1932 of all the Wingfield banks and were the transfer assets made that Crocker bank loans could secured. The Crocker bank paid off before the closing the Wingfield Later when additional RFC loans were made, is asserted, the Reno National did not have security and used the Bank of Nevada assets as collateral.

9. February 10, 1934 The Salt Lake Tribune Salt Lake City, UT

Article Text

Bank Receiver Action Upheld CARSON CITY, Nev., Feb. 9 (JP)The right of District Judge Clark J. Guild to appoint receivers for seven Neveda state banks, all of which were members of the defunct George Wing. field banking group, was upheld in a unanimous decision of the Nevada supreme court today. Institutions affected by the ruling are the Bank of Nevada Savings and Trust company, the United Nevada bank and the Riverside bank, all of Reno; the Bank of Sparks, the Carson Valley bank at Carson City, the Virginia City bank and the Tonopah Banking corporation.

10. March 1, 1934 The Salt Lake Tribune Salt Lake City, UT

Article Text

Receiver Named For Seven Closed Banks in Nevada CARSON CITY, Nev., Feb. 28 (AP) Leo F. Schmidt, assistant cashier of the First National bank of Lovelock, Nev., today was appointed receiver for seven closed state banks in Nevada. The institutions, all of which members the group controlled by George Wingfield, Reno capitalist. are the Bank of Nevada Savings and Trust company, the United Nevada bank and the Riverside bank, all Reno: the Bank of Sparks, the Car son Valley bank, the Virginia City of bank the Tonopah Banking cor poration. District Judge Clark J. Guild, after appointing Schmidt, fixed his salary at $500 per month and "named the law firm of Samuell Platt and John Sinai of Reno to act as his attorney The banks involved failed to open their doors after Nevada first state wide bank holiday in November, 1932. two Wingfield banks the Reno National and the First Na tional of Winnemucca, are being liquidated by national receivers. The remaining Wingfield state banks, Churchill County bank, been over corporations.

11. March 19, 1934 Reno Gazette-Journal Reno, NV

Article Text

SIERRA NEVADA SOAP CO. RENO, NEVADA For Sale—Insurance Agencies OF Bank of Nevada Savings & Trust Co. United Nevada Bank Riverside Bank Receiver will accept individual bids on each agency—bid to be for cash—and sell to the highest bidder, subject to court approval. Net commissions of each agency are open for inspection to all bidders. Sealed bids must be submitted not later than March 22, 1934. LEO F. SCHMITT, Receiver.

12. March 20, 1934 Reno Gazette-Journal Reno, NV

Article Text

For Sale—Insurance Agencies OF Bank of Nevada Savings & Trust Co. United Nevada Bank Riverside Bank Receiver will accept individual bids on each agency—bid to be for cash—and sell to the highest bidder, subject to court approval. Net commissions of each agency are open for inspection to all bidders. Sealed bids must be submitted not later than March 22, 1934. LEO F. SCHMITT, Receiver.

13. April 6, 1934 The Sacramento Bee Sacramento, CA

Article Text

Overland Hotel Of Reno Is Purchased RENO (Nev.), April The sale the Overland Hotel in Reno to Nick Sorge, well-known property owner and rancher of this section, was announced yesterday by the Reno National Bank through its receiver, Walter Tobin. The price $70,000. and approval of the transaction has been given by the federal district court. The bank ver recently bought in the property at receiver sale. Sorge paid $25,000 cash and will pay the remainder within a year. Furnishings of the hotel are mortgaged to the Bank of Nevada Savings and Trust Company, which bank also is in the hands of receiver, and Sorge has an option to purchase this for $5,000.

14. July 6, 1934 Nevada State Journal Reno, NV

Article Text

Bank Receiver Is Given Judgment Leo Schmitt, receiver for the Bank of Nevada Savings & Trust company, yesterday was awarded a judgment by Judge T. F. Moran in the district court here, on 84 acres of land south of Reno. The land, known as the County Club acres, was mortgaged to the banking company for $15,000. Judge Moran ordered that the property be sold to satisfy the judgment. The date for the sheriff's sale has not been set. The property is part of the old Walts ranch and was sub-divided a few years ago. Schmitt announced following the decision today that contracts held by lot purchasers would be recognized.

15. July 6, 1934 The Sacramento Bee Sacramento, CA

Article Text

CLOSED NEVADA BANK FORECLOSES MORTGAGE RENO (Nev.), July 6.-Leo F. Schmitt, receiver for the Bank of Nevada Savings and Trust Company, was given judgment for $15,000 in foreclosure suit involving property known as the Country Club Acres yesterday. The property was ordered sold to satisfy the judgment. The bank receiver said the purchaser of lots in the tract will have their contracts recognized.

16. October 6, 1934 Nevada State Journal Reno, NV

Article Text

SALARY COSTS CUT; DEBTORS FACING SUITS Lax Borrowers Who Do Not Cooperate Hit by Administrator The small percentage of persons who are indebted to the seven closed state banks and who, in the opinion of Leo F. Schmitt, receiver for the institutions, are not making the proper effort to liquidate such indebtedness may, in the near future, find such indebtedness reduced to judgment with a levy to issue on any of their assets. This suggestion was contained in a letter written by Schmitt to Judge Clark J. Guild, and which accompanied his quarterly report of the seven banks, Riverside bank of Reno, United Nevada bank of Reno, Bank of Nevada Savings and Trust company, Reno; Bank of Sparks, Carson Valley bank, Virginia City bank and the Tonopah Banking corporation.